Aramark Corp. hired former Pepsi manager Eric J. Foss to be chief executive of the company.

The 53-year-old Foss replaces Joseph Neubauer — CEO since 1983 — who was named chairman of the privately held provider of food services, facilities management and uniforms to an array of customers from hospitals to universities, including this summer's Olympic games in London.

Foss left PepsiCo Inc. in December and had led its Pepsi Beverages Co. unit as CEO. He helped oversee the reintergration of Pepsi Bottling Group and Pepsi Americas into PepsiCo.

Neubauer said Aramark was in "very good financial shape" and that it "seemed like the right time" to exit as CEO to chairman.